Multiple choice financial accounting reviewer

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Financial Accounting Reviewer1. A note receivable bearing a reasonable interest rate is sold to bank with recourse. The notereceivable discounted account was appropriately credited. The note receivable discountedaccount should be reported asa. Contra asset account for the proceeds from the discounting transactionb. Contra asset account for the face amount of the notec. Liability account for the proceeds from the discounting transactiond. Liability account for the face of the note2. If a note receivable is discounted without recoursea. The contingent liability may be disclosed in either a contra account to note receivable or in anote to the financial statements.b. Liability for note receivable discounted should be credited.c. Note receivable should be credited.d. The transaction should be accounted for as a borrowing as opposed to a sale.3. Which of the following is a method to generate cash from accounts receivable?I. AssignmentII. Factoringa. I onlyb. II onlyc. Both I and IId. Neither I nor II4. If receivables are hypothecated against borrowings, the amount receivables involved shouldbea. Disclosed in the notesb. Excluded from the total receivables with disclosurec. Excluded from the total receivables with no disclosured. Excluded from the total receivables and a gain or loss is recognized between the face valueand the amount of borrowings5. When the accounts receivable of an entity are sold outright to another entity which normallybuys accounts … Purchase document to see full attachment

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